STOCK MARKET WATCH -- Friday, 11 April 2014

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46. Stocks Retreat Amid Tech Rout as S&P 500 Futures Decline

http://www.bloomberg.com/news/2014-04-10/asian-futures-sink-as-tech-selloff-resumes-kiwi-weakens.html

European stocks fell with emerging markets amid a selloff in technology shares, and Standard & Poor’s 500 Index futures dropped after JPMorgan Chase & Co. reported profit declined. Treasuries gained, Turkey’s lira weakened, and nickel extended its longest rally since 2010.

The Stoxx Europe 600 Index dropped 1.6 percent at 8:15 a.m. in New York, its biggest decline in a month. S&P 500 futures slid 0.6 percent after the index fell the most in two months yesterday. Nasdaq 100 Index futures sank 0.7 percent, signaling the rout in U.S. technology stocks will continue. The 10-year Treasury yield fell three basis points to 2.62 percent. A gauge of Chinese shares in Hong Kong slid the most since Feb. 4. The lira retreated as Moody’s Investors Service cut the nation’s credit-rating outlook to negative. Nickel rose for a 10th day.

The Nasdaq Composite Index slid the most since 2011 yesterday in the U.S. amid concern that valuations aren’t justified as earnings start. JPMorgan, the biggest U.S. bank, reported profit fell 19 percent in the first quarter on lower revenue from fixed-income trading and mortgages. China’s producer price index declined 2.3 percent in March, adding to signs of weak demand after data yesterday showed shrinking trade.